Just finihsed reading this book, read it in about a day and half as it was such a good read, really about the life story of the Author who was one of the pioneers of fay trading in london in the old 'open outcry' trading pits/floors of the 80's and 90's and the subsequent decline of this style of trading with the internet and technology coming to its own and all the things that went on in the city of london in between.
Personally I learned a good few pointers in here for my own trading to apply to the horse racing markets and there are references to spoofers in here and a great deal to learn about the mindest of the best traders on the floor.
Even a bit on how some of the old school traders made the trasistion the horse race trading on betfair and are apparently making a mint.
Anyway, highly reccomended to all, beginner novice and pro's alike!
Regards
Paul
Reccomended Read - Day one Trader - John Sussex
I met a few city guys in 04/05 who were on Betfair but they have since returned to financial markets. I'd be interested if you could summarise that section.pt9091 wrote:Even a bit on how some of the old school traders made the trasistion the horse race trading on betfair and are apparently making a mint.
This section was mainly about the old school pit traders in the city who were faced with redundancy due to electronic trading taking off and there breed of trading dying out
Until that point they had played the markets with there clientsendless huge pots of money and when this was taken away due to the closure of there brokerage firm and loss of there jobs they used there redundancy/severage packages money as a personal trading bank and basically rented a chair from a trading shop, they thought it would be easy once they gut used to trading electronically but when faced with using there own money for the first time, they had to fight the emotions that they had never felt before, pulling the trigger on there own trades and putting there own money at risk! most of them failed in the end and some went on to be cabbies fish mongers barman, some committed suicide rather than go back to being a low paid worker and 4 or 5 of went on the make money from betfair, one trader on betfair is mentioned to be making 100k per month, at the time of writing the book which was I think in 2009!
Highly reccomend reading the book, the best I've read on a long time, really down to earth as well and lots of laughs in it!
Paul
Until that point they had played the markets with there clientsendless huge pots of money and when this was taken away due to the closure of there brokerage firm and loss of there jobs they used there redundancy/severage packages money as a personal trading bank and basically rented a chair from a trading shop, they thought it would be easy once they gut used to trading electronically but when faced with using there own money for the first time, they had to fight the emotions that they had never felt before, pulling the trigger on there own trades and putting there own money at risk! most of them failed in the end and some went on to be cabbies fish mongers barman, some committed suicide rather than go back to being a low paid worker and 4 or 5 of went on the make money from betfair, one trader on betfair is mentioned to be making 100k per month, at the time of writing the book which was I think in 2009!
Highly reccomend reading the book, the best I've read on a long time, really down to earth as well and lots of laughs in it!
Paul
Some of the guys I met were doing very high frequency book arbitrage, but Betfair soon squashed that out with changes in terms etc. One guy I met was putting through millions of bets a day.pt9091 wrote:Tone trader on betfair is mentioned to be making 100k per month, at the time of writing the book which was I think in 2009!
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oddstrader
- Posts: 344
- Joined: Fri Apr 16, 2010 4:55 pm
Could you explain what they mean by high frequency arbitrage ? pls.